RBI constitutes Committee on functioning of Asset Reconstruction Companies aninews.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aninews.in Daily Mail and Mail on Sunday newspapers.
April 19, 2021
×
The Reserve Bank of India (RBI) has set up a six-member committee to undertake a comprehensive review of the working of Asset Reconstruction Companies (ARCs) in the financial sector ecosystem, and recommend suitable measures for enabling such entities to meet the growing requirements of the financial sector.
The committee, headed by Sudarshan Sen, former Executive Director, RBI, will review existing legal and regulatory framework applicable to ARCs and recommend measures to improve efficacy of ARCs.
It will review the role of ARCs in resolution of stressed assets, including under Insolvency & Bankruptcy Code (IBC), 2016.
To make suggestions
The committee will make suggestions for improving liquidity in and trading of security receipts; and review of business models of the ARCs. It will submit its report within three months from the date of its first meeting.
RBI to set up panel for reviewing ARCs: Shaktikanta Das
It is proposed to constitute a committee to undertake a comprehensive review of the working of ARCs in the financial sector ecosystem, RBI Governor Shaktikanta Das said
PTI | April 7, 2021 | Updated 14:17 IST
RBI Governor Shaktikanta Das
To facilitate smooth functioning of Asset Reconstruction Companies (ARCs), the Reserve Bank on Wednesday decided to set up a panel to undertake a comprehensive review of the working of such institutions. In the latest Budget, Finance Minister Nirmala Sitharaman announced setting up of Asset Reconstruction Company and Asset Management Company to tackle stressed assets.
After enactment of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act in 2002, regulatory guidelines for ARCs were issued in 2003 to enable development of this sector and to facilitate smooth functioning of these companies.
RBI to constitute committee for review of ARC working
By IANS |
5 Views
New Delhi, March 31 (IANS) The three month moratorium on term loan repayments given by Reserve Bank of India will not result in any revenue loss for lending banks and NBFCs as borrowers opting for deferment will either have to extend their tenure els. Image Source: IANS News
Mumbai, April 7 : The Reserve Bank of India (RBI) has proposed to constitute a Committee to undertake a comprehensive review of the working of Asset Reconstruction Companies (ARCs) in the financial sector ecosystem.
The committee would recommend suitable measures for enabling ARCs to meet the growing requirements of the financial sector as cases of non performing assets (NPAs) rise and there is a need to reconstruct such assets. Already a new bad bank has been proposed in this year s Budget towards this goal.